Recent updates to SMSF Establishment documents

The January 2021 release, will implement the below changes to the following forms:

SMSF Deed of Establishment

SMSF Establishment with Special Purpose Corporate Trustee

 

SMSF Deed of Establishment

Fund Details tab

The following question has been added “How many members should this fund be set up with?”

This will allow for the following options:
- Sole Member Fund
- 2 Member Fund
- 3 Member Fund
- 4 Member Fund
2021-01-20_11_43_14-SMSF_Establishment____NowInfinity.png

Trustee and Member tab (Individual Trustee)

If Sole Member Fund is selected, the form will default to require 2 trustees. The first appointed trustee in the trustee tab will automatically be appointed as the sole member of the fund. Their details will be copied into the member tab. There will be no option to edit the member name, address or the option to add additional members.

If 2, 3 or 4 Member Fund is selected, the number of trustees will default to be the same as the chosen number of members. Details of the trustees in the trustee tab will be copied into the member tab. There will be no option to edit the member name, address or the option to add additional members.

Additional Rules

  1. In the Members tab you are required to enter DOB and gender, the TFN is optional.
  2. If the member is below 18 yrs old, you will not be able to proceed as we do not support this functionality.

Documentation

If Sole Member Fund is selected, the sole member must sign the member and trustee documents. The second trustee will only have to sign the trustee documents. Both trustees need to sign the resolutions passed.

If 2, 3 or 4 Member Fund is selected, everyone needs to sign the same documents.

Trustee and Member tab (Corporate Trustee)

If Sole Member Fund is selected, the form will default to 1 director, however there will be the option to add an additional director (maximum of 2 directors). The first director will automatically be appointed as the sole member of the fund. Their details will be copied into the member tab. There will be no option to edit the member name, address or the option to add additional members.

If 2, 3 or 4 Member Fund is selected, the form will default the directors based on the number of members chosen in the Fund Details. The details of the directors in the trustee tab will be copied into the member tab. There will be no option to edit the member name, address or the option to add additional members.

Additional Rules

  1. In the Members tab you are required to enter DOB and gender, the TFN is optional.
  2. If the member is below 18 yrs old, you will not be able to proceed as we do not support this functionality.

Documentation

If Sole Member Fund is selected, the sole member must sign the member and trustee documents. The second trustee will only have to sign the trustee documents. Both Directors of the Corporate trustees need to sign the resolutions passed.

 

SMSF Establishment with Special Purpose Corporate Trustee

Company Details tab

The following question has been added “How many members should this fund be set up with?”

This will allow for the following options:

- Sole Member Fund
- 2 Member Fund
- 3 Member Fund
- 4 Member Fund
2021-01-20_11_46_34-SMSF_Establishment_with_Special_Purpose_Corporate_Trustee____NowInfinity.png

Officer, Shareholder and Members tab

If Sole Member Fund is selected:
Officer tab
will default to 1 director, however there will be the option to add an additional director by selecting "Add One More Director". 
Shareholder tab will default to be 1 shareholder with the ability to add more.
Member tab will copy the first director's details. There will be no option to edit the member name, address or the option to add additional members.

If 2, 3 or 4 Member Fund is selected:
Officer tab will default to require the same number of Directors. 
Shareholder tab will default to 1 Shareholder with the ability to add more.
Member tab:
For 2 member fund - Will copy the Directors' details. There will be no option to edit the member name, address or the option to add additional members.
For 3 member fund - Will copy the Directors' details. There will be no option to edit the member name, address or the option to add additional members.
For 4 member fund - Will copy the Directors' details. There will be no option to edit the member name, address or the option to add additional members.

 

Additional Rules

  1. In the Members tab you are required to enter DOB and gender, the TFN is optional.
  2. If the member is below 18 yrs old, you will not be able to proceed as we do not support this functionality.
  3. No data is pre-filled into the Shareholder tab.
  4. The question “Has this Shareholder consented to be a member of the Company?” has been removed from the Shareholder tab.

Documentation

A schedule for the SMSF Deed has been added on the last page with the following format:

- Date of Establishment is blank
- Name of Fund is prefilled
- Name and address of trustee/s is prefilled with the name and address
- Name and address of member/s is prefilled with the name and address

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